Amagnetic Patek Philippe breaks auction record

Bonhams’ latest fine watches and wristwatches auction has delivered a record-breaking price of £28,750 for an Amagnetic Patek Philippe.

The rare stainless steel wristwatch with a 35mm dial – model 3417 – was made around 1959 and went under the gavel at Bonhams’ new headquarters in New Bond Street last Wednesday as part of a sale that totalled £1.5 million.

After a tense bidding war, the wristwatch, which had never previously been shown at auction, was sold to an overseas buyer. The Patek Philippe was put up for auction by the original owner’s family and was sold with its Certificate of Origin.

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The final hammer price for the Amagnetic Patek Philippe 3417 was the highest ever achieved at any auction worldwide for that particular model.

Other highlights of the auction included a Rolex Panerai 3646 military diver’s wristwatch that sold for £56,250. The 47mm 1940s stainless steel timepiece was originally made for the German Navy and is one of just 30 of its kind that still survives.

The star attraction, however, was the 1969 Rolex Cosmograph Daytona, which was the top lot of 267 watches, selling for nearly £70,000 to an overseas buyer.

Paul Maudsley, head of Bonhams’ watch department, said: “Yesterday’s sale was a resounding success and the sale of the Amagnetic Patek Philippe caused a real stir.

“Not only was it a great way to end the sale, but it topped off a hugely successful year for the Bonhams watch department.”

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